The Group of Seven countries is working to cap the price of Russian oil in an attempt to limit Moscow's ability to fund its invasion of Ukraine, a plan analysts say could work in the long term but might boost oil prices in coming months.
Officials in G7 countries, including U.S. Treasury Secretary Janet Yellen, say the unprecedented measure, set to begin Dec. 5, will cut the price Russia receives for oil without reducing its petroleum exports to world consumers.
, suggesting that countries in the coalition will have a temporary leadership role as the plan proceeds.It will likely be weeks before the price of Russian crude oil and two oil products will be decided, Harris said. However, achieving a wide spread could mean higher prices for Western consumers as Russia is the world's second largest crude exporter, after Saudi Arabia.The plan agreed by the G7 calls for participating countries to deny Western-dominated services including insurance, finance, brokering and navigation to oil cargoes priced above the cap.To secure those services, petroleum buyers would make "attestations" to providers saying they bought Russian petroleum at or below the cap.
Higher prices could also be risky for U.S. President Joe Biden ahead of midterm elections in November when his fellow Democrats hope to keep control of Congress.
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